Aereo to Hand Over Less Than $1M to Broadcasters to Settle Dispute

TheStreet.com reports that defunct television-streaming company Aereo has reached a deal with broadcasters that had initially sought more than $99 million in damages for alleged copyright infringement.

Defunct television-streaming company Aereo has reached a deal with broadcasters that had initially sought more than $99 million in damages for alleged copyright infringement.

 The New York debtor on May 7 is set to ask Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan to approve the settlement. A hearing on Aereo’s disclosure statement, set for Tuesday, April 21, has been continued to May 7 as well. The company will incorporate the terms of the settlement, if approved, into the outline for its liquidation plan.

In a Monday motion, Aereo said broadcasters including CBS’s  (CBS) CBS Broadcasting and CBS Studios, 21st Century Fox’s (FOXA) Fox Television Stations, Univision Network, Tribune Media’s  (TRCO) WPIX, Public Broadcasting Service and Disney’s (DIS) American Broadcasting Cos., among others, had agreed to settle their claims for $950,000. The debtor would have to pay the amount by June 30 to resolve the nearly $100 million in claims.

Read more at http://www.thestreet.com/story/13120795/1/aereo-to-hand-over-less-than-1m-to-broadcasters-following-dispute.html

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